Veris Residential (NYSE:VRE) Given New $17.00 Price Target at Truist Financial

Veris Residential (NYSE:VRE) had its price target lifted by Truist Financial from $16.00 to $17.00 in a report issued on Monday,Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts have also issued reports on VRE. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and increased their price target for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th. Finally, Evercore ISI reaffirmed an “in-line” rating and issued a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th.

Veris Residential Trading Down 0.6 %

NYSE:VRE opened at $16.12 on Monday. Veris Residential has a 1 year low of $13.84 and a 1 year high of $18.85. The business has a fifty day moving average of $16.06 and a 200-day moving average of $16.97. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -94.82, a PEG ratio of 2.50 and a beta of 1.24.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The company had revenue of $68.08 million for the quarter, compared to the consensus estimate of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. Equities analysts predict that Veris Residential will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Monday, March 31st. Veris Residential’s payout ratio is -133.33%.

Hedge Funds Weigh In On Veris Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Argosy Lionbridge Management LLC purchased a new stake in shares of Veris Residential in the fourth quarter worth approximately $19,028,000. Adelante Capital Management LLC purchased a new position in shares of Veris Residential during the 3rd quarter valued at $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Veris Residential by 491.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after acquiring an additional 512,406 shares in the last quarter. Northern Trust Corp increased its stake in shares of Veris Residential by 49.1% in the fourth quarter. Northern Trust Corp now owns 1,524,968 shares of the company’s stock worth $25,360,000 after acquiring an additional 501,867 shares during the last quarter. Finally, Woodline Partners LP raised its holdings in shares of Veris Residential by 62.1% during the fourth quarter. Woodline Partners LP now owns 922,515 shares of the company’s stock worth $15,341,000 after acquiring an additional 353,540 shares in the last quarter. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Company Profile

Veris Residential, Inc is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents while seeking to positively impact the communities it serves and the planet at large.